Argo Comments on Glass Lewis Report - Seite 2

Robust Operational Results

“Argo has also consistently delivered a favorable loss ratio relative to its peers, has articulated a strategy to manage expenses that appeared to gain traction in 2018, and delivered a favorable combined ratio relative to peers in 2018, in our view.”

Commitment to Board Refreshment

“…the Company appears to generally have reasonable corporate governance practices, including a skilled and newly expanded and refreshed board and reasonable executive compensation practices.”

The Company notes that Institutional Shareholder Services ("ISS"), a leading proxy advisory firm, has recommended shareholders of Argo Group vote the WHITE proxy card in support of all of Argo’s directors.

In recommending the WHITE proxy card in its May 11, 2019 report, ISS noted the strong results the Argo Board and management have delivered for shareholders and expressed support for Argo’s Board and strategic direction²:

“The company has delivered strong TSR over the short- and long-term and has demonstrated good overall governance; notably, the Board has appropriately refreshed itself in recent years. The Board also has demonstrated that it has thoughtfully considered many of the concerns raised by the dissident before reaching a conclusion with which the dissident disagrees.”

In concluding that Voce has failed to make a case for its slate of nominees, ISS noted Argo’s “ongoing refreshment process…incorporates active, contributing, and additive Board members.” ISS observed that:

“In fact, independent of the dissident's involvement, the Board's refreshment is proceeding at a reasonable pace and the dissident's allegations of a stale Board do not appear to accurately reflect the current Board dynamic, particularly in the absence of underperforming operations or share returns.”

Argo shareholders are reminded that their vote is extremely important, no matter how many or how few shares they own. Argo urges shareholders to vote FOR ALL the Company’s director nominees on the WHITE proxy card today.

Shareholders can vote by completing, dating and signing the Company-provided WHITE proxy card, or by telephone or the internet by following the instructions on the WHITE proxy card. Shareholders are urged to discard any and all blue proxy cards sent to you by Voce. If you have already returned a blue proxy card, you can change your vote by signing, dating and returning the WHITE proxy card. Only your latest-dated proxy card will be counted.